Cashfree Payments says the facility will help online businesses offer their customers easy and instant access to credit, thereby increasing sales
Cashfree Payments, a payments and API banking solutions company, said it is now offering a ‘Buy Now Pay Later’ (BNPL) suite, which will enable online businesses to provide customers with over 30 flexible financing options during checkout. The company said the facility will help online businesses offer their customers easy and instant access to credit, thereby increasing sales.
Cashfree Payments’ financing options include brands such as ZestMoney, Homecredit and KreditBee for Cardless EMI; Simpl, LazyPay and Freecharge for Pay Later mode and more than 16 banks for card based EMIs.
“Currently more than 20,000 online businesses use Cashfree Payments’ BNPL suite. Businesses using the offering have seen a growth of up to 30 per cent in sales. Leading online companies using Cashfree Payments’ BNPL suite include EaseMyTrip, Wakefit, Byjus, among others,” Cashfree Payments said in a statement.
Akash Sinha, CEO and co-founder of Cashfree Payments, said, “India’s ‘buy now pay later market’ is growing rapidly with more and more customers looking for flexible payment options when they shop online. At Cashfree Payments, we want to empower our merchants with the most comprehensive BNPL suite and help them unlock significant value from this shift in consumer preference. We’ve seen upto 30 per cent increase in conversion rate and 40 per cent higher average order value among businesses who offer BNPL modes on their checkout.”
Online businesses using Cashfree Payments’ Payment Gateway can activate BNPL modes on their website or app checkout page without any additional integration effort. Online businesses can also set up No Cost EMI offers on specific banks and payment partners right from the Cashfree Payments’ dashboard to attract first-time customers.
In India, BNPL is currently worth $3-3.5 billion and is expected to exceed $50 billion by FY 2026 to become the world’s second largest BNPL market. Buy Now Pay Later as a checkout option makes high ticket, premium items more affordable to customers. With the availability of instant credit and flexible repayment options, products right from consumer durables to travel tickets and online learning are now accessible to digital-first customers both in urban and rural markets.
